The sound of crickets chirping is what you hear when you ask President Obama what his plans for lowering the deficit are. Mark Steyn wrote a wonderful article in the National Review today encapsulating the current budget debate. He points out that the Buffett Rule the President keeps touting will balance the budget in 514 years. Wow! Fiscal responsibility at its best!
The article gives us some perspective on the amount of the federal debt and what the Buffett Rule would accomplish:
.,..For what Obama’s spending, there aren’t enough of them, or us, or “the rich” — and there never will be. There is only one Warren Buffett. He is the third-wealthiest person on the planet. The first is a Mexican, and beyond the reach of the U.S. Treasury. Mr. Buffett is worth $44 billion. If he donated the entire lot to the government of the United States, they would blow through it within four and a half days. Okay, so who’s the fourth-richest guy? He’s French. And the fifth guy’s a Spaniard. Number six is Larry Ellison. He’s American, but that loser is only worth $36 billion. So he and Buffett between them could keep the United States government going for a week. The next-richest American is Christy Walton of Walmart, and she’s barely a semi-Buffett. So her $25 billion will see you through a couple of days of the second week. There aren’t a lot of other semi-Buffetts, but, if you scrounge around, you can rustle up some hemi-demi-semi-Buffetts: If you confiscate the total wealth of the Forbes 400 richest Americans it comes to $1.5 trillion, which is just a little less than the Obama budget deficit for a year.
The article reminds us that President Obama has been saying horrible things about the Paul Ryan budget. The President’s budget was defeated in the House of Representatives by 414 to 0. Where is his alternative plan?
Please follow the link to the National Review to read the entire article. Mark Steyn has a very entertaining way of explaining where we are in terms of spending and taxing and what we need to do about it.